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business market

often based on l-t mutually profitable relationships

must understand how its product affects other organizations in marketing channel

producer markets

purchase products for making a profit by
1) using it as an input
2) using it for operations

reseller markets

intermediaries that buy FINISHED goods and resells for profit

government markets

contracts are awarded to firms of all sizes, but usually given to large corps.


institutional markets

organiz. w/ charitable, educ., NON-BUSINESS goals.

transactions between businesses

_PRICE_ is VERY IMPORTANT to bus. customers!!~~
they also value service

suppliers must sell products in large Qs to make profits
some need expensive items, while others need sth that is freq. replenished (raw materials)

new-tash purchase

buy item to do new job/solve problem

straight buy repurchase

routine purchase of the same products w/ same contract terms

modified rebuy purchase

new-task purchase changed , or when reqs of straight-buy repurchase is modified

derived demand

D for business products derived from D for consumer products

inelastic demand

D not altered by P incr/decrease

joint demand

2+ items used in combination to produce a product

shortage one 1 will jeopardize sales of the other

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